On one level, it looks incredibly cold-hearted. A lending institution forecloses on a couple’s home because they came up $27 short on a mortgage payment.
But there’s another side. Lenders say that if they can’t foreclose upon people who consistently fail to pay up, and if they can’t collect full legal fees in such cases, there is little incentive for them to ease mortgage terms and work out deals with other troubled home owners.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]
